What employers need to know
Bonnie Busby, Head of People at Wattpad, explains that startups can and should be very light on human resources (HR) policy, provided that your startup’s vision is clear and your culture supports what you’re trying to achieve. Company growth will determine the best time to implement HR policies.
To set up and manage payroll, startups need to register with certain government agencies and determine the schedule and whether payroll will be processed in-house or through a third party.
An offer of employment is a legal contract between the employee and the organization and should clearly state the terms and conditions for both parties.
While at times every company may have a need for staff to work overtime, this should be carefully managed.
Benefits are a key part of an employee’s compensation package. Some types of benefits are legislated, while others are offered to be competitive.
Pay equity legislation in Ontario applies to organizations of all sizes. Ontario startups need to be aware of and comply with the regulations.
The Ontario Employment Standards Act requires companies to securely store certain employee information. Learn more about what you need to know.
Startups must put safeguards in place to retain and store employee records and protect their employees’ privacy.
Profit-sharing plans can be a useful incentive tool to help employees focus their efforts on the long-term success of your startup.
Project bonuses, also called milestone bonuses, focus employees on critical deadlines. Project bonus plans, due to their high-profile nature, are usually well-communicated and well-defined, running over the short term (three to six months).
Why offer employees equity in your startup? Allocating equity to your employees in the form of or stock option plans.
Stock options plans are common to executive compensation packages, but they can be offered to other employees as well.
Know your responsibilities as an employer in managing employee leaves of absence.
In most cases in Ontario, employers are required to provide employees with public holidays, which are separate from vacations. This overview highlights employer responsibilities per the Ontario Employment Standards Act.
Your startup’s vacation policy can be key to your attraction, retention and compensation strategy. A clear policy that extends to all employees helps you manage vacation benefits fairly and effectively.
Ontario employers must establish their intent to control intellectual property and trade secrets with both employees and independent contractors.
When should a startup consider using a human resources information system (HRIS)? The sooner the better! As with any key business system, automation should start as soon as possible.
Succession planning is part of preparing your business for the future. It is not just for large companies—it is critical for startups.